Glad to know that it is in production for you. I would go ahead and send them notice to put you into pay when they sell gas instead of waiting for them to send you a division order.
Hope y'all have lot's of fun. I usually like the local lakes as much as heading to the beach, but I have to admit that I had a nice time in Biloxi. I just don't like driving so far, but since I had to be there anyway I made the most of it and stayed a few extra days. I always hate to prepare for going out of town, but end up having a good time once I get there.
I just wanted to check in and see how you are doing.
I also wanted to mention that you need to send notice to the production company as Jim has mentioned on the site. That way they won't be borrowing your money interest free.
From a tax standpoint there really isn't any advantage because an LLC is a "pass through" enitity. Which means all the income and taxes pas-through it to you intact. There are some liability and estate issues that can be helped (or hurt) by doing an LLC. Make sure you have a good lawyer familiar with all these issuses go over anything.
I think it is a water pipe and not a gas pipe. I wonder if they are pulling water out of a pond to the well site. If you notice on Barlow's property it does not go to the well site - it goes up their drive. Really strange. I have been wondering what it is too!
The $250.00 per rod figure sounds fair. However, I believe that the $3000.00 is a little light. You may ask for a timber appraiser to appraise the value of your timber before agreeing to these figures to give yourself a little leverage. See if they would agree to foot the cost of the appraiser of agreeable to both of you and agree to agree with the appraised value of the land, timber included in the cost per acre payment.
No, they came and surveyed our property around the end of June. The landman brought us an agreement to look over in July and has not been back. So, we really don't know what is going on.
I read the posts you received from "Randy". He said that if they were drilling from outside our section that we'd get paid anyway... ??? Er.... aren't they supposed to let us know if and when they are going to drill and if it effects our lease etc...??? All sounds very sneaky to me. I live directly on Johns Gin, mine is the one with the corral board fence all across the front. Not far from you actually. :o)
Theres really no telling at this point. Sorry I know thats not a good answer but they can kind of use drill sites however they want. You will be paid if they drill from outside the section anyway.
SAM Cd2's Comments
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Just saw that you were online and wanted to drop by and say hi. I hope everything is going well.
I just wanted to check in and see how you are doing.
I also wanted to mention that you need to send notice to the production company as Jim has mentioned on the site. That way they won't be borrowing your money interest free.
We missed you today. Hopefully we can meet up at another occasion.
Hope eveything is going good for you.
Are y'all going to come to Superior Sunday?
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